Agreement Reached In Town Of Owego

By James Gaddis

July 22, 2010 Updated Mar 21, 2007 at 11:54 PM EDT

The Town says it will lower the assessed value of the Stagecoach Natural Gas Storage Facility, here on Waits Road. From 91-million, to 82-point-9-million dollars. It's owned by Central New York Oil and Gas.
The two sides have been in disagreement over the assessed value since 2003. At one point, the company believed the assessed value was closer to 45-million.
"The advantage to the Town and the taxpayers in the town and the county and the school district is that we have reached this settlement which we feel is a very good settlement," said Town Supervisor Carol Sweeney.
The town also agreed to give the company a tax break on the first 11 years of it's 5 million dollar expansion. The County IDA must approve the settlement, and is expected to at it's April 4th meeting. If it doesn't, the settlement would be void and the issue of re-assessment would go to court.

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